人民币国际化急需六大配套改革｜政策与监管

Core Viewpoint - The "15th Five-Year Plan" emphasizes "expanding high-level openness" and advancing the internationalization of the RMB, highlighting the need for deep reforms to avoid crises associated with financial opening [1][2][4]. Group 1: High-Level Openness and Reform - The "15th Five-Year Plan" significantly prioritizes "expanding high-level openness," reflecting China's determination to promote reform and development through openness [2]. - The plan aims to enhance the level of capital account openness and promote RMB internationalization, indicating that higher openness can drive greater reform [2][4]. - Financial opening differs from trade opening due to its market volatility and multiple equilibria, necessitating more stringent accompanying reforms [4][5]. Group 2: Lessons from Emerging Markets - Historical crises in emerging markets often stem from delayed reforms following financial opening, as seen in the Asian financial crisis of the 1990s [5]. - The lack of timely domestic reforms, such as rigid exchange rate mechanisms and weak corporate governance, contributed to the vulnerability of financial systems in these regions [5]. Group 3: Six Key Reforms for High-Level Openness - Strengthening Domestic Circulation: The plan emphasizes the importance of a robust domestic market as a strategic foundation for modernization, advocating for increased consumption and investment [9][10]. - Enhancing Technological Innovation: The plan calls for a focus on technological modernization and innovation to counteract external pressures and improve self-sufficiency [11]. - Improving Property Rights Protection: Clear and strong property rights are essential for attracting both domestic and foreign capital, with a focus on fair competition and intellectual property rights [12]. - Elevating Macro Governance Efficiency: The plan stresses the need for effective market and government interaction, enhancing fiscal and monetary policy coordination [13][14]. - Modernizing Corporate Governance: The establishment of a modern corporate governance framework is crucial for addressing economic challenges and fostering competitive markets [15]. - Consolidating Capital Market Functions: The development of a high-quality capital market is vital for supporting new productive forces and ensuring the benefits of development reach the populace [16]. Group 4: Conclusion on Reform and Openness - The relationship between openness and reform must be carefully managed, ensuring that reforms keep pace with the demands of increased openness to avoid potential setbacks [17].